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  • Front-end vols were pressed lower yesterday with BTC now well under 50% and ETH under 60%.
  • We find this move lower in vols unusual ahead of an important NFP number. A miss here would likely see the market price in a higher probability of Fed rate cuts in June or July - a very bullish catalyst.
  • Yesterday's rate cuts by Canada and ECB will also increase pressure on the Fed to cut rates.

Trade Idea: With lower vols just ahead of a potential catalyst event, buying June Digital Calls could deliver outsize returns.

BTC 80k 28-Jun

5x payout if BTC spot price is above 80k at expiry. (Spot ref: 71,000)

ETH 5k 28-Jun

10x Payout if ETH spot price is above 5k at expiry (Spot ref: 3,800)

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